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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011
Commission File No. 001-34061
HSN, INC.
(Exact name of registrant as specified in its charter)
Delaware 26-2590893
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 HSN Drive, St. Petersburg, Florida 33729
(Address of principal executive offices) (Zip Code)
(727) 872-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of exchange on which registered
Common Stock, par value $0.01
Series A Junior Participating
Preferred Stock Purchase Rights
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes ÈNo
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes No È
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes ÈNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, an Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter
period that the registration was required to submit and post such files). Yes ÈNo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company as defined in Rule 12b-2 of the Exchange Act.
Large accelerated filer ÈAccelerated filer
Non-accelerated filer Smaller reporting company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No È
The aggregate market value of the registrant’s outstanding common stock held by non-affiliates as of June 30, 2011 (the registrant’s
most recently completed second fiscal quarter), was $1,262,218,122 (based on a closing price of $32.92 per share for the registrant’s
common stock on the NASDAQ Global Select Market).
As of February 14, 2012, the registrant had 57,886,801 shares of common stock, $0.01 par value per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement for the 2012 Annual Meeting of Shareholders to be filed with the U.S. Securities and
Exchange Commission no later than 120 days after the end of the registrant’s 2011 fiscal year end are incorporated by reference into Items
10, 11, 12, 13 and 14 of Part III of this Form 10-K.

Table of contents

  • Page 1
    ... 31, 2011 Commission File No. 001-34061 (Exact name of registrant as specified in its charter) HSN, INC. Delaware (State or other jurisdiction of incorporation or organization) 26-2590893 (I.R.S. Employer Identification No.) 1 HSN Drive, St. Petersburg, Florida (Address of principal executive...

  • Page 2
    ... AND FINANCIAL DISCLOSURE ...ITEM 9A. CONTROLS AND PROCEDURES ...ITEM 9B. OTHER INFORMATION ...PART III ITEM 10. ITEM 11. ITEM 12. ITEM 13. ITEM 14. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ...EXECUTIVE COMPENSATION ...SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND...

  • Page 3
    ... local sales and use taxes; risks associated with possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to...

  • Page 4
    ... annually, operates eight separate internet sites and operates 19 retail and outlet stores. Our principal offices are located at 1 HSN Drive, St. Petersburg, Florida 33729 and our main telephone number is 727-872-1000. History HSNi's predecessor company began broadcasting television home shopping...

  • Page 5
    ...for Cornerstone. HSN Overview HSN includes the HSN television networks; its related website, HSN.com; its mobile applications and a limited number of outlet stores. The HSN television network broadcasts live, customer interactive television home shopping programming 24 hours a day, seven days a week...

  • Page 6
    ...provides users with an online program guide, value-added video of product demonstrations, live streaming video of the HSN television network, customer-generated product reviews and additional information about HSN show hosts and guest personalities. According to Internet Retailer, HSN.com ranks 26th...

  • Page 7
    ...and installation information, online design centers, gift registries and travel centers, as well as a feature that allows customers to browse the related catalog online. Supply HSN and Cornerstone purchase products by way of short- and long-term contracts and purchase orders, including products made...

  • Page 8
    ... product. Merchandise may be purchased online, through mobile devices or ordered using toll free phone numbers through live sales and service agents. HSN also offers the convenience of an automated attendant system and, in limited markets, remote control ordering capabilities through pay television...

  • Page 9
    ... manage personal accounts. Customers may communicate directly with customer service via e-mail or by telephone with call center representatives available seven days a week. Government Regulation We market and offer a broad range of merchandise through television, online, catalogs and other channels...

  • Page 10
    ... a highly competitive environment. These brands and businesses are in direct competition for consumers with traditional offline and online retailers (both television and internet retailers), ranging from large department stores to specialty shops, electronic retailers, direct marketing retailers, 8

  • Page 11
    mail order and catalog companies, infomercial retailers, wholesale clubs and discount retailers. In addition, the HSN television networks compete for access to customers and audience share with other conventional forms of entertainment and content. The price and availability of programming for pay ...

  • Page 12
    ..., we believe that costs associated with the production and distribution of HSN television programming, paper and printing costs for Cornerstone catalogs and costs associated with online marketing, including search engine marketing (primarily the purchase of relevant keywords) are likely to increase...

  • Page 13
    ...being available to the viewing public in the form of new television networks and time-shifted viewing (e.g., personal video recorders, video-on-demand, interactive television and streaming video over broadband internet connections). If the HSN television networks are carried exclusively in a system...

  • Page 14
    .... We use the internet, mobile devices, social networking and other online activities to connect with our customers. Our success depends, in part, on our ability to maintain the integrity of our systems and infrastructures, including websites, information and related systems, call centers and...

  • Page 15
    ... in our business. Any increase in shipping rates and related fuel and other surcharges passed on to us by this or any other shipping company may adversely impact profits, given that we may not be able to pass these increased costs directly to customers or offset them by increasing prices without...

  • Page 16
    ...not even be available with respect to a particular claim. Failure to effectively manage our Flexpay program could result in unplanned losses. HSN offers Flexpay, pursuant to which customers may pay for certain merchandise in two to six interestfree, monthly credit or debit card payments. We maintain...

  • Page 17
    ... the importation, sale and promotion of merchandise and the operation of retail stores and warehouse facilities, as well as laws and regulations applicable to the internet and businesses engaged in digital commerce, such as those regulating the sending of unsolicited, commercial electronic mail. Our...

  • Page 18
    ... HSNi owns its corporate headquarters in St. Petersburg, Florida, which consist of approximately 600,000 square feet of office space and include executive offices, television studios, showrooms, broadcast facilities and administrative offices for HSN. HSN leases the HSN fulfillment centers in Piney...

  • Page 19
    ... or not, could be time consuming, result in costly litigation, require significant amounts of management time and results in the diversion of significant operational resources. See Note 13 - Commitments and Contigencies in Part II, Item 8 for additional information regarding legal matters in which...

  • Page 20
    ... Market Information Our common stock trades on the NASDAQ Global Select Market under the symbol HSNI. The table below sets forth the high and low per share sales prices of our common stock for the periods indicated, as reported by the NASDAQ Global Select Market. Sales Price High Low Fiscal 2011...

  • Page 21
    ... of our common stock with the cumulative total return on the S&P 500 Retailing Index and the Russell 2000 Index from August 12, 2008, the first day of trading of the Company's common stock on the NASDAQ Global Select Market after the Spin-off through December 31, 2011, the last day of our fiscal...

  • Page 22
    ... does not necessarily reflect what the historical financial position and results of operations of HSNi would have been had HSNi been a stand-alone company during the periods presented prior to the Spin-off. For information about the shares used in computing earnings per share, see Note 9 of Notes to...

  • Page 23
    ...branded websites operated by Cornerstone; (iv) retail and outlet stores; and (v) mobile handheld devices. HSNi's television home shopping business, related digital commerce and outlet operations are referred to herein as "HSN" and all catalog operations, including related digital commerce and retail...

  • Page 24
    .... In 2011, HSN continued to focus on customer growth through our investments in digital marketing and social media initiatives. Digital sales grew 9% with penetration increasing 200 basis points to 33.8%. Average price point increased 3% and units shipped increased 2%. The return rate increased to...

  • Page 25
    ... at Cornerstone's three largest brands, Frontgate, Ballard Designs and Garnet Hill; as well as investment in catalog circulation and digital marketing. Digital sales grew 20% with penetration increasing 220 basis points to 59.2%. The average price point and the number of units shipped increased...

  • Page 26
    ... and other employee-related costs (including stock-based compensation) for personnel engaged in customer service, sales and merchandising functions and on-air distribution costs. Advertising and promotional expenditures primarily include catalog production and distribution costs and online marketing...

  • Page 27
    ...information technology and executive management functions, bad debts, facilities costs and fees for professional services. Year Ended December 31, Change 2010 Change (Dollars in thousands) 2011 2009 HSN ...As a percentage of HSN net sales ...Cornerstone ...As a percentage of Cornerstone net sales...

  • Page 28
    ... due to a 6% growth in net sales and 80 basis point improvement in gross profit margin as compared to 2010, partially offset by the increase in operating expenses for investments in Cornerstone's catalog circulation and compensation and employee-related costs. HSN's Adjusted EBITDA increased 10%, or...

  • Page 29
    ... is primarily due to the 6% growth in net sales and 80 basis point improvement in gross profit margin, partially offset by a 6% increase in operating expenses primarily for investments in Cornerstone's catalog circulation and compensation and employee-related costs. HSNi's operating income in 2010...

  • Page 30
    ... expenditures. The capital expenditures in both years were primarily at HSN and were for investments in information technology, headquarter renovations and broadcasting-related investments. Net cash used in financing activities in 2011 was $96.4 million and was primarily due to a $69.8 million...

  • Page 31
    ...allows HSNi to purchase 10 million shares of its common stock from time to time through privately negotiated and/or open market transactions. The timing of any repurchases and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory...

  • Page 32
    ...of the acquired company, such as distribution agreements, customer relationships and merchandise agreements, are valued and amortized over their estimated lives. Depreciation, gains and losses on asset dispositions and long-lived asset impairment charges are non-cash items relating to our long-lived...

  • Page 33
    ... time restrictions. Allowances for returned merchandise and other adjustments (including reimbursed shipping and handling costs) are provided based upon past experience. Actual levels of product returns may vary from these estimates. HSNi's estimated return rates were 18.2%, 17.8% and 17.8% in 2011...

  • Page 34
    ... on the number of shares granted and the closing price of our common stock at the grant date. The fair value of stock options, stock appreciation rights and options granted under our employee stock purchase plan are estimated on the grant date using the Black-Scholes option pricing model. This model...

  • Page 35
    ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Consolidated Financial Statements Page Report of Independent Registered Certified Public Accounting Firm ...Consolidated Statements of Operations for the years ended December 31, 2011, 2010 and 2009 ...Consolidated Balance Sheets at ...

  • Page 36
    ... material respects the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), HSN, Inc. and subsidiaries' internal control over financial reporting as of December 31, 2011, based on criteria established...

  • Page 37
    HSN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Years Ended December 31, 2010 2011 2009 Net sales ...Cost of sales ...Gross profit ...Operating expenses: Selling and marketing ...General and administrative ...Production and programming ......

  • Page 38
    ... contingencies (Note 13) SHAREHOLDERS' EQUITY: Preferred stock $0.01 par value; 25,000,000 authorized shares; no issued shares ...Common stock $0.01 par value; 300,000,000 authorized shares; 58,414,019 and 57,966,771 issued shares as of December 31, 2011 and 2010, respectively ...Additional paid-in...

  • Page 39
    HSN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands) Accumulated Preferred Other Stock Common Stock Additional Paid-in Accumulated Comprehensive Shares Amount Shares Amount Capital Deficit (Loss) Income Balance as of December 31, 2008: ...As previously reported ...

  • Page 40
    HSN, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Years Ended December 31, 2011 2010...long-term debt ...Cash dividends paid ...Issuance of common stock, net of withholding taxes ...Repurchases of common stock ...Excess tax benefits from stock-based awards ...Net cash used...

  • Page 41
    ... eight branded websites operated by Cornerstone; (iv) retail and outlet stores; and (v) mobile devices. HSNi's television home shopping business, related digital sales and retail and outlet stores are referred to herein as "HSN" and all catalog operations, including related digital sales and stores...

  • Page 42
    ... past experience. HSNi believes that actual returns of product sales have not materially varied from estimates in any of the periods presented. HSNi's estimated return rates were 18.2%, 17.8% and 17.8% in 2011, 2010 and 2009, respectively. Sales taxes collected are not included in revenue. Shipping...

  • Page 43
    ... all shipping and handling fees. Subsequent collections are due from customers in 30-day increments, payable automatically upon authorization of the customer's method of payment. HSN accepts most credit and select debit cards. HSN offers Flexpay programs ranging from two to six interest-free monthly...

  • Page 44
    ... intangible assets, primarily trade names and trademarks, are tested annually for impairment as of October 1 or upon the occurrence of certain events or substantive changes in circumstances. See Note 3 for a further discussion on indefinite-lived intangible assets. Long-Lived Assets and Intangible...

  • Page 45
    ...Diluted earnings per share is computed using the treasury stock method. Accounting Estimates HSNi prepares its financial statements in conformity with generally accepted accounting principles in the United States ("GAAP"). These principles require management to make certain estimates and assumptions...

  • Page 46
    ... HSNi's business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security, consumer credit risk and credit card fraud. HSNi also depends on third-party service providers for processing certain...

  • Page 47
    ... one of the Cornerstone brands, HSNi assessed if there was an impairment of any of this brand's long-lived assets. As a result of this assessment, HSNi recognized an impairment charge of $0.8 million in 2011. This charge is included in operating expenses in the line item "General and administrative...

  • Page 48
    ...chief operating decision maker and executive management view the businesses, how the businesses are organized as to segment management, and the focus of the businesses with regards to the types of products or services offered or the target market. HSNi has two operating segments, HSN and Cornerstone...

  • Page 49
    ...Financial information by segment is as follows (thousands): $196,139 (9,041) (29,228) (637) $157,233 $ 9,998 (2,223) (9,309) (45) $(1,579) $206,137 (11,264) (38,537) (682) 155,654 (35,030) 120,624 (48,136) $ 72,488 2011 Year Ended December 31, 2010 2009 Net sales: HSN ...$2,160,341 Cornerstone...

  • Page 50
    ... NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HSNi does not report revenue from external customers for each product or each group of similar products as it is impracticable to do so. HSNi maintains operations principally in the United States with no long-lived assets and insignificant net sales in all...

  • Page 51
    ... and equipment of one of the Cornerstone brands, consisting principally of leasehold improvements, was assessed during the year ended December 31, 2011. The fair value was determined using discounted future cash flows (level 3 criteria). Key inputs used in this calculation included revenue growth...

  • Page 52
    HSN, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table presents HSNi's basic and diluted earnings per share (in thousands, except per share data): Year Ended December 31, 2011 2010 2009 Net income Weighted average number of shares outstanding: Basic ...Dilutive effect of stock-...

  • Page 53
    ... expense is included in the following line items in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2011 2010 2009 Selling and marketing ...General and administrative ...Production and programming ...Stock-based compensation expense before income taxes...

  • Page 54
    ... common stock for new awards granted by HSNi. The purpose of the Plan is to assist HSNi in attracting, retaining and motivating officers, employees, directors and consultants, and to provide HSNi with the ability to provide incentives more directly linked to the profitability of HSNi's business and...

  • Page 55
    ... to the spread between the current market price per share of the common stock and the exercise price. The SARs granted by HSNi may be settled in cash or common stock of HSNi, in the sole discretion of HSNi. All SARs exercised by employees of HSNi have been settled in stock. For all SARs currently...

  • Page 56
    ..., giving consideration to expectations of future employee behavior. The weighted average assumptions used in the Black-Scholes option pricing model are as follows: Year Ended December 31, 2011 2010 2009 Volatility factor ...Risk-free interest rate ...Expected term ...Dividend yield ...54 46...

  • Page 57
    ...ESPP. The ESPP permits employees to purchase shares of HSNi's common stock during semi-annual purchase periods. Under the terms of the ESPP, eligible employees accumulate funds through payroll deductions and purchase shares at a price equal to the lesser of 85% of the fair market value of the common...

  • Page 58
    ... by IAC upon the purchase of Cornerstone Brands. The initial value of the preferred interest was equal to the acquisition price of Cornerstone Brands. The preferred interest accretes value at a 15% annual rate. Upon exercise of the put or call the consideration is payable in HSNi shares or cash or...

  • Page 59
    ... positions for which it is more likely than not that the benefit will be unrealized. A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows (in thousands): Year Ended December 31, 2011...

  • Page 60
    ...amount within twelve months of the current reporting date due to settlement with the taxing authority. An estimate of other changes in unrecognized tax benefits cannot be made but are not expected to be significant. By virtue of previously filed separate company and consolidated tax returns with IAC...

  • Page 61
    ... in costly litigation, require significant amounts of management time and result in the diversion of significant operational resources. HSNi leases satellite transponders, computers, warehouse and office space, equipment and services used in connection with its operations under various operating...

  • Page 62
    ...93,244 The letters of credit ("LOCs") primarily consist of trade LOCs, which are used for inventory purchases. Trade LOCs are guarantees of payment based upon the delivery of goods. The surety bonds primarily consist of customs bonds, which relate to the import of merchandise into the United States...

  • Page 63
    ... of Directors must qualify as "independent" under applicable stock exchange rules. In addition, the Nominating Committee of the Board may include only "Qualified Directors," namely directors other than any who were nominated by Liberty, are officers or employees of HSNi or were not nominated by the...

  • Page 64
    ... combination, which merger or business combination has been approved by HSNi; transfers in a public offering in a manner designed to result in a wide distribution, provided that no such transfer is made, to the knowledge of the Liberty Parties, to any person whose ownership percentage (based on...

  • Page 65
    ...allows HSNi to purchase 10 million shares of its common stock from time to time through privately negotiated and/or open market transactions. The timing of any repurchases and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory...

  • Page 66
    ... TO CONSOLIDATED FINANCIAL STATEMENTS outstanding common stock for $28.1 million under the program at an average price of $35.46, which were immediately retired upon purchase. Dividend Policy On September 27, 2011, HSNi's Board of Directors approved a cash dividend of $0.125 per common share. The...

  • Page 67
    Schedule II HSN, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Period Charges to Earnings Charges to Other Accounts Balance at End of Period Description Deductions 2011 Allowance for doubtful accounts ...Sales return accrual ...Deferred tax valuation allowance ...

  • Page 68
    ...we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and to ensure that information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer...

  • Page 69
    ... over financial reporting in order to improve its effectiveness. In the course of these evaluations, we modify and refine our internal processes as conditions warrant. As required by Rule 13a-15(d) under the Exchange Act, our management, including our Chief Executive Officer and our Chief Financial...

  • Page 70
    ... accompanying management's annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting...

  • Page 71
    ITEM 9B. OTHER INFORMATION None. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Incorporated by reference from our Proxy Statement for our 2012 Annual Meeting of Shareholders to be filed with the SEC within 120 days after the end of the year ended December 31, 2011. ITEM ...

  • Page 72
    ... documents are filed as part of this report: 1. Financial Statements. Financial statements filed as part of this Form 10-K are listed under Item 8. 2. Financial Statement Schedules. Financial statement schedules filed as part of this Form 10-K are listed under Item 8. All other schedules have been...

  • Page 73
    ...Quarterly Report on Form 10-Q filed August 4, 2010 Exhibit 10.14 to the Company's Annual Report on Form 10-K filed March 31, 2009 Exhibit 10.12 to the Company's Registration Statement on Form S-1 (Registration No. 333152697) filed August 1, 2008 10.9 10.10 10.11 10.12 10.13 * Reflects management...

  • Page 74
    ... and Restated 2008 Stock and Annual Incentive Plan* Named Executive Officer and EVP Severance Plan* Executive Severance Plan* Form of Performance Cash Award Agreement * Employee Stock Purchase Plan Form of Deferred Share Unit Agreement * Form of Performance Award Agreement * Computation of Ratio of...

  • Page 75
    ... Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act The following financial information from HSNi's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, formatted in XBRL (eXtensible Business Reporting Language...

  • Page 76
    ..., this Annual Report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on February 23, 2012. /S/ MINDY GROSSMAN Mindy Grossman Chief Executive Officer and Director (Principal Executive Officer) Chief Financial Officer (Principal Financial and...

  • Page 77
    ... the Sarbanes-Oxley Act of 2002. The following financial information from HSNi's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, formatted in XBRL (eXtensible Business Reporting Language) and furnished electronically herewith: (i) Consolidated Statements of Operations for the...

  • Page 78
    EXHIBIT 12.1 HSN, Inc. Computation of Ratio of Earnings to Fixed Charges 2011 2010 Year Ended December 31, 2009 2008 (unaudited)... with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-K. (a) Includes...

  • Page 79
    ... Management Services LLC ...Frontgate Marketing, Inc...Garnet Hill, Inc...H.O.T. Networks Holdings (Delaware) LLC ...Home Shopping Network En Espanol, L.P...Home Shopping Network En Espanol, L.L.C...HSN Catalog Services, Inc...HSN Fulfillment LLC ...HSN Improvements LLC ...HSN Interactive LLC...

  • Page 80
    ... to the Employee Stock Purchase Plan of HSN, Inc.; of our reports dated February 23, 2012, with respect to the consolidated financial statements and schedule of HSN, Inc., and the effectiveness of internal control over financial reporting of HSN, Inc., included in this Annual Report (Form 10-K) of...

  • Page 81
    ... and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: February 23, 2012 By: /s/ MINDY GROSSMAN Mindy Grossman Chief Executive Officer...

  • Page 82
    ...in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who...

  • Page 83
    ... Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of HSN, Inc. Date: February 23, 2012 By: /s/ MINDY GROSSMAN Mindy Grossman Chief Executive Officer EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18...

  • Page 84